Is Namaaz Salaat?

It is clear to me that Prophet Joseph's parents were not prostrating out of worship just because there was a physical prostration. He is merely being respected for his position.

We can see this from the context of the story - how his dream manifested itself in reality.

Your example of a king requiring ultimately that his servants obey his orders, not worship him by bowing, is acknowledged.

However, when you are talking about the Creator, it is clear from the Quran that He is to be worshipped, both through physical and practical means because He, unlike the example of the king you gave, is God.

I think that we are required to bow down in worship as God is truly worthy of it (We as his lowly servants should stand in humiliation and praise the Lord) and then continue our day being obedient to Him by following His commands.

It is a twinned effort. One would be meaningless without the other. I feel that you are missing that point.

In all matters, one should look at the verses collectively. The verses you quote do not eliminate the requirement for a physical prayer. They talk about the duties we are expected to fulfil in and for society. In the following verse we can see that praying for the sake of it is no good. It does not mean that praying isn't expected from us.

107:
"..So woe to the worshippers,who are neglectful of their prayers,those who want but) to be seen (of men),and they deny small kindnesses."

Worshipping is for God only and He tells us that none is worthy of Worship but Him.
We are told of the benefits of physical prayer in the Quran, but because you do not believe the definition of 'salaat' to mean that, then you will obviously say:

Any benefits that people have come up with for the ritual namaz are not expressed by Allah in the Quran, neither are the form of this practice, so the evidence [or lack of it in the Quran] clearly shows that this is not a requirement for us to do.

You also acknowledge that sujood means physical bowing. Yet I feel that because you, like other groups, think that there is no benefit for humankind to perform such acts, you use other meanings in its place.

This I feel, conveniently produces a translation that simply caters to your wants and does not reflect reality. The problem begins when we bring our 'nafs' into the equation.